TDS ON LOAN????
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 November 2010
Respected Experts
I have taken a loan of Rs. 20 Lac from my company, which is pvt. ltd. and I am employee of the company. I have two Query?
1. Which is Fair Rate of Interest back to company on Loan?
2. Being an individual, It is my responsibility to deducted TDS on Intt. Paid or not?
Thanks
I have taken a loan of Rs. 20 Lac from my company, which is pvt. ltd. and I am employee of the company. I have two Query?
1. Which is Fair Rate of Interest back to company on Loan?
2. Being an individual, It is my responsibility to deducted TDS on Intt. Paid or not?
Thanks
29 November 2010
Fair rate is bank rate of interest.
Individual doesnot have to deduct the TDS on interest payment.
Individual doesnot have to deduct the TDS on interest payment.
AMAN Gupta
(Expert)
30 November 2010
Since you are in employment and not a businessman So, sec 194A can not be applicable on you. So, no liability to deduct TDS. Please clear your first question.
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